Oil giant Total has pulled out of Iran and giant gas project, reports say

With U.S. sanctions against the Iranian oil sector looming, France’s Total is pulling out of Iran, as well as its contract to develop the 11th phase of Iran’s South Pars Gas project, CNBC reports. The project is part of the development of the world’s largest gas field at South Pars. Washington’s decision to pull out of the Iran nuclear deal and reimpose sanctions has upended Total’s involvement in the project, and Tehran is now searching for a replacement company.